Dublin-based peer-to-peer payments app Plynk has pocketed €25m in one of the largest Series A rounds raised by an Irish company.
Private investment trust Swiss Privée led the round that will be used to expand the company’s team and roll its money messaging product out around the EU.
Company CEO and co-founder Charles Dowd said: “Today marks a significant milestone for Plynk.
“From the beginning, it has been our aim to remove the complexities and awkwardness of person-to-person payments.
“This funding brings us closer to fulfilling this goal; first across Europe and soon worldwide.”
Plynk’s app connects to users’ Facebook accounts, allowing them to send money as a message to contacts or groups with no fees.
The company counts more than 6,000 users since launching in January 2017 and is initially targeting the 18-to-25 age group.
“Today sending a photo, video, or chat to a friend has become second nature to students, graduates and young adults,” added Dowd.
“This cohort have become accustomed to the free and instant transfer of data using purely their mobile phone.
“This is also the generation that can see when their friend is typing. No wonder they find it hard to fathom that a bank transfer can take days.”
The company was initially developed at the Bank of Ireland WorkBench in Dublin’s Silicon Docks and currently employs 20 engineers in the city.
Plynk previously raised a €725,000 seed investment from Bank of Ireland’s Start-Up and Emerging Sectors Equity Fund, as well as Enterprise Ireland, the NDRC and a number of angel investors.
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